California · Military and Veterans Code - MVC

MVC §1005.4: Whenever a bank or trust company is acting as trustee by reason of any default, or for the protection of the interests of the debenture holders, the bank or trust company as such trustee, shall take s

What this law says, in plain English

When a bank or trust company serves as trustee due to default or to protect debenture holders' interests, the trustee must take specified actions in that capacity.

Read the full statutory text

Whenever a bank or trust company is acting as trustee by reason of any default, or for the protection of the interests of the debenture holders, the bank or trust company as such trustee, shall take such action as the holders or registered owners of 20 percent in principal amount of all the debentures then outstanding shall request in writing, provided that the bank or trust company as such trustee may request reasonable security before taking any action so requested.

Verify at the official source: California legislative text

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